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Popular Word Problems >

Julian puts 800.00 into an account to use for school expenses. The account earns 5% interest, compounded annually. How much will be in the account after 4 years?

Solución

J u l ian p u t s 800.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . T h e a cco u n t e a r n s 5% in t eres t, co m p o u n d e d ann u a ll y . Ho w m u c h w i ll b e in t h e a cco u n t a f t er 4 ye a rs ?

Solución

Amount : 972.405

Pasos de solución

Translate the problem into an equation:

A = 800 (1 + \frac{0.05}{1})^{1 \cdot 4}

800 (1 + \frac{0.05}{1})^{1 \cdot 4} = 972.405

Amount : 972.405

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